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They would be paying more in taxes even with lower rates. The rich and corporations look like they are taxed at higher levels, but they pay a lot lower rate because the tax code favors them. We could get rid of their preferences in the tax code and lower rates and they will end up paying more taxes.
A bank will qualify the home owner based upon what they earn, but they dont determine the payment by income, they determine it based upon the loan amount..
Correct. The amount they can borrow is based, however, on the loan they can service, which is a function of income.
The loan payment is a function of principle and interest and taxes and insurance. As rates fall the PV increases - the same income qualifies for more house at a given percentage of income. As taxes increase, PV falls. The banks are now in competition with the taxing authorities for a slice of the total payment. I am convinced housing is still overpriced.
Correct. The amount they can borrow is based, however, on the loan they can service, which is a function of income.
The loan payment is a function of principle and interest and taxes and insurance. As rates fall the PV increases - the same income qualifies for more house at a given percentage of income. As taxes increase, PV falls. The banks are now in competition with the taxing authorities for a slice of the total payment. I am convinced housing is still overpriced.
The GDP though isnt income to the federal government, so comparing federal debt to the GDP is about as stupid as qualifying you on a mortgage, based upon Bill Gates wealth.
We could have debt at 200% of GDP if the federal government was receiving 25% of the GDP, but debt levels at 100% of GDP would be far different if the government was only receiving 2%.
When these kooks post graphs showing debt as a % of GDP they are meaningless because they dont show income being used to cover the debt. It makes them feel good, as a way to justify their high deficits, but its dumb.
What's the effective rate for wealthy people? I think Obama was taxed at around 18% and Romney was at 13%. What's the top rate under Simpson Bowles?
I'd have far more respect for you if you'd just admit you were wrong, rather than trying to pretend that raising a rate which affect 0% of the population represents 100%..
It could be 100% it wouldnt matter if no one pays it
I'd have far more respect for you if you'd just admit you were wrong, rather than trying to pretend that raising a rate which affect 0% of the population represents 100%..
It could be 100% it wouldnt matter if no one pays it
If the debt commission suggests we lower the rates to bring in more money, then suggesting that raising the highest rate which wont affect a dam person would be dishonest to try to pretend it affects everyone.
But thats what you're doing, lord knows why you're arguing with me and telling me I'm wrong considering I've quoted you saying the exact same thing I did.
If the debt commission suggests we lower the rates to bring in more money, then suggesting that raising the highest rate which wont affect a dam person would be dishonest to try to pretend it affects everyone.
But thats what you're doing, lord knows why considering I've quoted you saying the exact same thing I did.
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So you agree with me, but said I was wrong?